Traders are flocking around Zynga Inc. and Just Eat Takeaway.com N.V. and others; check out these communication services stocks that are displaying higher than typical trading volumes.
A quick recap: The leading indices are climbing up — Nasdaq up 0.41%, trading at 11,220. S&P 500 up to 4,010, gaining 0.16%.
Why Trading Volume Matters
Trading volume is simply the total number of shares traded including both buy and sell orders. If a stock has appreciated on high volume, it is more likely to be a sustained move compared to an appreciation with low volume. Typically, high volume trading sessions are considered significant occurrences and closely watched by traders.
While trading was mostly up yesterday, some communication services stocks have high volumes. Take a look.
600% higher than average: Zynga currently down 2.04% prior to afternoon session
A blockbuster trading session for Zynga Inc., eclipsing its average daily volume by 600% and recording 227.57 million. While on an 8 day downtrend, dropping a total of 3.42%, more of the same today: Zynga is down to $8.18, after ending yesterday at $8.35. Overall, a 2.04% loss or 17 cents today.
Having set a significant high of $9.27 11 months ago, the mobile game developer is trading 44.71% lower. So far in 2022, it has been outperforming the Nasdaq by 66.13%. With an average daily volume of 37.88 million shares. Zynga's last revenue report was $694.9 million with an EPS of 9.19 cents.
Beating the average by 1,883%: Takeaway.com remains on-trend despite dull session
A hectic day for Takeaway.com, surpassing its average daily volume by 1,883% to reach 9.44 million. While Takeaway.com is on a 3 day uptrend today's session might suggest a slow down — Takeaway.com is trading at $6.72 after closing the previous day at $6.72.
— Average trading volume refers to a 21-day rolling average.